The unadjusted physical inventory of Liberty Company at December 31, 2020 was P3.000, 

• Goods were received and recorded on January 2, 2021 with cost of P180,000. information revealed that the term of the shipment is FOB shipping point and these goods were shipped on December 29, 2020, 

• Merchandise in the warehouse costing P240,000 was billed to the customer FOB shipping point on December 29,2020. These were excluded from inventory but these were shipped on January 3, 2021. 

How much should Liberty report as inventory in its December 31, 2014 statement of financial position?

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